Olivia Palermo's Favorite Movie of All Time Includes a Very Stylish Socialite

Award season is upon us, and all anyone can talk about are movies. But as it turns out, it not just the new releases that can get people talking.

InStyle partnered with Fandango for a glam edition of their fun web series "I Love Movies," where tastemakers like Isaac Mizrahi, Empire costume designer Paolo Nieddu, and others rave about the films they watch again and again -- and get inspired by, too. "Film has always had a striking influence on fashion," says InStyle Editorial Director Ariel Foxman. "The world's foremost designers have long used cinema as a source of inspiration."

First up in this stylish series: Olivia Palermo reveals her obsession with Auntie Mame, a comedy about a free-spirited Manhattan socialite. (Sound familiar?) "What I absolutely love about Auntie Mame is the time period," she says in the video above. "I look at the costumes, the interior design, and I'm inspired by it." Another source of inspiration? The accessories. "I'm very much about accessories, and she always has an amazing statement piece," she adds.

Courtesy Everett Collection

In the 1958 film, set in the 1920s, Rosalind Russell plays the titular character, who, after the death of her brother, is left to care for his son, her nephew Patrick. However, the executer of Patrick's trust objects to Mame's eccentric and bohemian lifestyle (her favorite breakfast? "Black coffee and a sidecar") and pushes Patrick go to prep school.

It all sounds very serious, but it's actually quite light and heartfelt. Says Palermo, "At the end of the day, it's really about friends and family, and in that sense, I can really relate to that."

For more on what Palermo loves about Auntie Mame—and to see a reenactment of her favorite scene—watch the video above, and check back weekly to hear more style setters like stylist to the stars Micaela Erlanger and InStyle's own Ariel Foxman share the movies they love.